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December 29, 2020
Updated December 30, 2020
The IRS and the U.S. Treasury have confirmed that 113 million economic impact payments (EIPs) by ACH are being processed this week, with an effective date of Monday, Jan. 4, 2021. Under the Nacha Rules, RDFIs must make funds available by 9:00 a.m. (RDFI local time…
ACH, Advocacy, Direct Deposit, Direct Payment
October 9, 2020
In a recent interview with PaymentsJournal, Nacha’s Jane Larimer discusses how the ACH Network delivered stimulus payments on time.
As part of the CARES Act, by the end of August, the government had distributed $270 billion in funds in stimulus payments. However…
ACH, Advocacy, Direct Deposit, Direct Payment
October 2, 2020
Nacha has approved eight new amendments to the Nacha Operating Rules governing the use of ACH payments. Many of the changes reflect a long-term strategy to modernize the ACH system, both through infrastructure improvements such as Same Day ACH; and making ACH payments easier to use for the country’…
Risk Management, Nacha Operating Rules, ACH
August 19, 2020
Despite Concerns Over Mail Delivery, Overwhelming Majority of Federal Government Payments Continue to be Made On Time
More than 97% of Recipients of Social Security and Veterans Benefits Rely on Direct Deposit
HERNDON, Va., August 19, 2020 – In recent days, significant concerns have been raised over the delivery of payments from the Social Security Administration and the Veterans Benefits Administration…
ACH, Advocacy, Direct Deposit, Government Relations News
March 9, 2020
ACH Operations Bulletin #2-2020: Nacha Issues Reminder on ACH Responsibilities to Financial institutions Potentially Impacted by Coronavirus
EXECUTIVE SUMMARY
Nacha reminds financial institutions of the importance of reviewing their business continuity plans to ensure that they are prepared to maintain ACH payment processing capabilities in the event of possible disruptions.
DISCUSSION
In light of the potential impact of…
ACH, Nacha Operating Rules, Operations Bulletin
March 3, 2020
When you need a hand from someone at another financial institution, finding that someone can be daunting. But things are about to change.
A new Rule creates the ACH Contact Registry, which opens July 1, 2020. It’s going to make locating the right person a whole lot easier.
“In today’s…
Risk Management, Nacha Operating Rules, ACH
February 19, 2020
Nacha is requesting industry feedback on a set of Rules proposals and other concepts collectively referred to as “Meaningful Modernization.” The deadline has now been extended to May 1, 2020. Learn more about it on our Rules page.
ACH, Nacha Operating Rules
February 5, 2020
This time, it’s not optional.
On July 1, 2020, the ACH Contact Registry opens for business. Unlike the existing voluntary contact database, participation is mandatory. A new Nacha Operating Rule requires all financial institutions using the ACH Network to register contacts for ACH…
Risk Management, Nacha Operating Rules, ACH
January 8, 2020
Like 8-track tapes and white disco suits, Appendix 8 of the Nacha Operating Rules has faded into history. Many were using it as a guide for ACH audits, which Nacha acknowledged in the title of its recent webinar, “Curing the Appendicitis After Removing Appendix 8.” But as the webinar showed, there’…
Nacha Operating Rules
December 4, 2019
New year, new Nacha Operating Rules.
With four imminent Rules changes, now’s the time to get ready, which is why Nacha hosted the Dec. 3 webinar “2020 Nacha Operating Rules: Preparing for the New Rules.”
The first change arrives March 20, 2020, when the dollar limit for each Same Day…
ACH, Nacha Operating Rules